採用截然相反的交易所交易基金（ETF）策略

年初至今已看到ETF的創紀錄流入，提供了槓桿率的長期暴露，例如股票和加密貨幣

Traders are cutting bullish exchange-traded fund (ETF) strategies and shifting to risk-off assets as the year-to-date has seen record outflows from leveraged long ETFs and inflows into cash and gold funds, according to Bloomberg Intelligence.

根據彭博情報公司的說法，貿易商正在削減看漲的交易所交易基金（ETF）的策略，並轉移到風險資產上，因為年初至今已有創紀錄的長期ETF和流入現金和金資金的回流。

The year-to-date has seen record inflows into ETFs providing leveraged long exposure to volatile assets such as stocks and cryptocurrencies, as well as funds holding risk-off assets such as cash and gold, according to data from Bloomberg Intelligence (BI).

根據彭博情報局（BI）的數據，年初至今已經看到了創紀錄的ETF流入ETF，從而提供了長期利用的股票和加密貨幣（例如股票和加密貨幣）以及持有諸如現金和黃金等風險資產的資金。

“There's basically record flows going into leveraged long ETFs but also cash and gold ETFs as people buy the dip and hedge the dip at the same time. May the best degen win!” said BI analyst Eric Balchunas in an April 23 X post.

“基本上有記錄流入槓桿的長期ETF，但當人們購買蘸醬並同時對沖浸入時，現金和金ETF也有現金和黃金。也許最好的Degen獲勝！” BI分析師Eric Balchunas在4月23日X帖子中說。

Leveraged ETFs are funds that aim to multiply the daily performance of assets like stocks or crypto, usually by two or three times.

槓桿ETF是旨在將股票或加密貨幣等資產的日常業績倍增的資金，通常是兩次或三次。

In 2025, leveraged long ETFs attracted net inflows of roughly $6 billion, while cash and gold funds saw inflows of nearly $4 billion, according to BI.

根據BI的數據，2025年，利用長期ETF吸引了大約60億美元的淨流入，而現金和黃金基金的流入率近40億美元。

Digital gold?

數字黃金？

The record fund flows come amid a spike in market turbulence after US President Donald Trump announced plans for sweeping tariffs on US imports on April 2.

在美國總統唐納德·特朗普（Donald Trump）宣布計劃在4月2日對美國進口商品徵收關稅的計劃之後，唱片基金的流量激增了市場動盪。

Since then, the S&P 500 (INDEX:SP500), an index of large US stocks, has shed roughly 5% of its value, according to data from Google Finance.

從那以後，根據Google Finance的數據，S＆P 500（指數：SP500）是美國大型股票的指數大約5％的價值。

Bitcoin (BTC) has been comparatively resilient. On April 22, the cryptocurrency’s spot price reclaimed $90,000 per coin for the first time in six weeks, with Bitcoin ETFs clocking nearly $1 billion in net inflows. The cryptocurrency trades above $93,000 as of April 23, according to Google Finance.

比特幣（BTC）相對彈性。 4月22日，加密貨幣的現貨價格在六週內首次回收了每枚硬幣90,000美元，比特幣ETF的淨流入量將近10億美元。根據Google Finance的數據，截至4月23日，加密貨幣的交易超過93,000美元。

“Even in the wake of recent tariff announcements, BTC has shown some signs of resilience, holding steady or rebounding on days when traditional risk assets faltered,” Binance said in an April research report.

Binance在4月的研究報告中說：“即使在最近的關稅公告之後，BTC也表現出了一些韌性的跡象，在傳統風險資產流動的日子裡保持穩定或反彈。”

Bitcoin has often been referred to as “digital gold” but the cryptocurrency still has a weak correlation to the safe haven asset and trades more in line with equities, the exchange said. Its correlation with gold has averaged around 0.12 over the past 90 days, versus 0.32 for equities.

交易所表示，比特幣通常被稱為“數字黃金”，但加密貨幣仍然與避風港資產的相關性較弱，並且與股票的交易更加一致。在過去的90天中，它與黃金的相關性平均約為0.12，而股票的相關性為0.32。

“The key question is whether BTC can return to its long-term pattern of low correlation with equities,” noted the report, adding that gold is still a preferred safe-haven asset for most investors.

該報告指出：“關鍵問題是BTC是否可以恢復與股票低相關的長期模式。”該報告補充說，對於大多數投資者來說，黃金仍然是首選的避風勢資產。

Meanwhile, cryptocurrency exchanges are profiting off of rising volatility by doubling down on financial derivatives, such as futures.

同時，加密貨幣交易所通過將金融衍生品（例如期貨）加倍而從不斷增長的波動率中獲利。

In April, net open interest in Bitcoin futures increased by 30% to approximately $28 billion, according to data from Coinalyze.

根據Coinalyze的數據，4月，對比特幣期貨期貨的淨開放利息增長了30％，達到約280億美元。